LIC launches Saral Pension Scheme: Get a minimum pension of Rs 12,000 annually; Description
Life Insurance Corporation (LIC) has launched a new annuity plan. The name of the new scheme is – LIC Saral Pension Yojana. As per the corporation, it is a non-linked, non-participating, single premium, individual immediate annuity plan.
Under this pension plan, LIC is offering two annuity options of lump sum amount – life annuity with return of 100 per cent of purchase price and joint life last survivor annuity with return of 100 per cent of purchase price on death of last survivor. .
The annuity plan is as per the guidelines of Insurance Regulatory and Development Authority of India (IRDAI). IRDAI is a regulatory body under the jurisdiction of the Ministry of Finance and is entrusted with the task of regulating and promoting the insurance and reinsurance industries in the country.
A policy holder can make a lump sum payment and receive a fixed payout at regular intervals for the rest of the life.
The methods of annuity are monthly, quarterly and half yearly. The minimum annuity that a policy holder can get is Rs 12,000 per annum. Accordingly, the minimum monthly annuity available in this plan is Rs 1,000, quarterly Rs 3,000, half-yearly Rs 6,000 and annual Rs 12,000.
However, there is no maximum limit.
The plan also provides loan facility to the policy holder after six months of purchase.
People between 40 years to 80 years can buy LIC Saral Pension Plan.
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